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As well as proposals for more than 2,000 homes, the previous £500m scheme also included plans for a new primary school and retail units.

New development plans for the embankment site, which is currently owned by around 25 different landowners, will now be worked on.

However, like the previous plans - and there have a been a number of development projects mooted for the site over the last 30 years - it is expected to be residential led with potentially between 1,500 to 2,000 new homes.

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Subject to Cardiff Council cabinet agreement the land deal is expected to go unconditional next week.

The value of the deal has not been disclosed, but is believed to be in the region of £40m.

The deal will see Cardiff Council taking ownership of around a quarter of the site.

It is understood that the council is committing around £10m to the deal. This will allow the local authority to bring forward its own plans for its part of the site.

The first phase will see Vastint acquiring 24 acres and the council 8.5 acre. The council would have an option to acquire a further three acres. The 40 acres site currently has planing consent for mixed use developments on 33 acres.

The council, subject to approval, would finance its land acquisition costs from money set aside for developments within the city's enterprise zone and from the sale of properties currently along Dumballs Road to Vastint.

The land is close to Cardiff Central Train Station, the Central Square development and the proposed Central Quay scheme, which could eventually see three million sq ft of new leisure, office and residential space.

Vastint is no stranger to the Cardiff property and investment market, having recently acquired the freehold interest in the nearby two acre BMW car dealership site on Penarth Road.

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Leader of Cardiff Council Phil Bale said: "This potential partnership with Vastint offers a clear opportunity to redevelop a key part of the city centre and could help us deliver much-needed affordable housing.

"It would also bring to life a part of the city centre running down to the Bay and right along the riverfront which has sadly been neglected for far too long."

Cardiff council leader Phil Bale at One Central Square

On Vastint Mr Bale added: “They want to work with us on delivering the Embankment site and will only proceed in partnership with us.

"If this goes ahead it could be the final piece in the jigsaw which would see the east side of the riverbank from Principality Stadium to the Bay completely redeveloped.

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“The City Council successfully kick-started the Central Square redevelopment. News that SA Brain and property developer Rightacres are to work together to transform the Brains site, creating a whole new public area called Central Quay, shows that Cardiff is making some giant strides.

"If we can redevelop the riverbank from Central Square all the way to the Bay then our city will witness a remarkable period of growth and regeneration easily equal to the Cardiff Bay redevelopment in the 90s.”

Andrew Cobden of Vastint UK Services said: “Vastint is progressing two large-scale city centre projects in the UK that are truly mixed use.

"The opportunity to acquire a large land parcel in the centre of a well-established and growing capital city is exciting for Vastint and fits with the planned expansion of activities in the UK.

We look forward to working closely with the council and stakeholders over the coming years”.